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Q: What is the ratio of 400 down payment to the amount of 1200?

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1200-400 equals the amount owed which is 800 dollar. Therefore initial ratio of the amount paid to the amount owed is 400:800 which reduces to 4:8 and then further down to 1:2.

A mortgage calculator will allow you to put in the amount that you wish to borrow from the bank along with the interest. It will then tell you the monthly payment. The monthly payment will adjust as you increase or decrease the amount of the down payment.

3.5% of Loan amount

amount financed

3.5% of Loan amount

3.5% of Loan amount

Several purchases require a down payment. Some examples are houses, cars and boats. The amount of the down payment is negotiated between the buyer and the seller of the purchase.

A mortgage with less than 20% down payment is considered high ratio.

The earlier you pay down the principal, the shorter the loan, and shorter is cheaper unless there are pre-payment penalties (the bankers have children to feed as well).

The calculator lets you plug in various down payment amonuts to see what your monthly payments will be. This will allow you to determine the proper amount for a down payment, and the peace of mind to know that you can afford the monthly payment.

amount finaced=cash price - down payment

amount finaced=cash price - down payment

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